Oil rises over 1% as Libya outages add to Russia supply fears | Reuters

Oil rises over 1% as Libya outages add to Russia supply fears | Reuters

Oil prices rose more than 1% on Monday, with Brent crude topping $114 a barrel, as outages in Libya deepened concern over tight global supply amid the Ukraine crisis.

Adding to supply pressures from sanctions on Russia, Libya's National Oil Corp on Monday said "a painful wave of closures" had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites.

"With global supplies now so tight, even the most minor disruption is likely to have an outsized impact on prices," said Jeffrey Halley, analyst at brokerage OANDA.

Brent crude , the global benchmark, rose $1.46, or 1.3%, to settle at $113.16 a barrel. The contract rose to $114.84 a barrel, its highest since March 28.

U.S. West Texas Intermediate rose $1.26, or 1.2%, to settle at $108.21 a barrel. The benchmark hit $109.81 a barrel, also the highest since March 28.